Senator Lummis Plans to Introduce Clearer Guidelines in 2022 with New Crypto Bill

As per the latest developments, United States Senator Cynthia Lummis, a major advocate for the cryptocurrency industry and one of Bitcoin&39s most ardent supporters on Capitol Hill, has announced that she will be pitching some much-needed new ideas and regulatory changes to Congress next year regarding the formation of a cryptocurrency regulatory agency as part of her comprehensive digital asset policy plan.

Lummis, a member of the Senate Banking Committee, desires nothing less than full acceptance of digital assets within the United States. Her future policy would ideally propose federal regulations for stablecoins in addition to consumer protections as well as revised taxation instructions. Moreover, she also wants to introduce a new watchdog in the form of a self-regulatory agency run by the executive branch&39s swaps and securities regulatory authorities.

A fully &lsquocomprehensive&rsquo bill

A lot of today&rsquos issues surrounding the cryptocurrency industry revolve around those being regulated at the state level, and numerous crypto enthusiasts have talked at great length about the increasing need for more regulations in order to legitimize the sector, with FTX CEO Sam-Bankman Fried recently mentioning this need to Congress not too long ago.

As such, Lummis had previously stated that she was working on a &39complete&39 measure for this calendar year. The endeavor comes at a time when Congress is grappling with virtual assets on numerous fronts. Members of Congress questioned prominent cryptocurrency leaders earlier this month in a session that was as much about introducing educational efforts as it was about overseeing the rapidly developing sector.

With that being said, the senator&39s bill shall reportedly address one of the main complaints that regulators and agencies such as the SEC have had pertaining to securities and how laws centered on them are much too ambiguous to cope with the current state of the cryptocurrency sector and its constant changes. Her recommendations shall hence involve clear instructions to regulators on the various asset types.

A new era for cryptocurrencies and regulations

As the cryptocurrency sector continues its record-breaking wave of momentum (which saw the likes of popular cryptocurrencies such as ADA, ETH and XRP all record amazing spikes in price from last year until now), there is a lot of concern about its future and the role that regulators shall play. Although the doors for healthy debate and discourse continue to open, there are nevertheless those such as China who wish for nothing more than to put an end to this thriving industry.

Whatever the future does hold however, we can only hope that it is positive and that people of influence such as Senator Lummis strive to work in favor of the cryptocurrency space instead of actively against it, as well as continue to tackle contemporary issues from a place of understanding rather than one of contempt.